Powerhouse Energy Group PLC (AIM:PHE) confirmed it raised a total of £1.38 million in its recently announced equity raise, as it completed the retail offering portion of the process.
The company said in a statement that it brought in £125,000 of capital through the retail offer, which was found to be “significantly oversubscribed”.
Chief executive Paul Emmitt told investors that the injection of funds will allow Powerhouse to up the momentum across its project pipeline, and add more revenue streams through innovation.
It comes after Powerhouse completed its Feedstock Testing Unit (FTU), which began hot commissioning back in January. It means the firm can properly showcase its technology.
"I would like to thank all investors for their continued support at this pivotal time for the company,” Emmitt said.
He added: "With the FTU now up and running, and enquiries coming in about its capabilities, this is a highly exciting time for the business and we look forward to providing further updates in due course."